Life Settlement News

Illinois Governor Pat Quinn has signed a new law prohibiting stranger-originated life insurance transactions.

The Life Insurance Settlement Association (LISA) invites all interested parties to a FREE webinar this Wednesday, August 26th, 2 p.m. (EDT), to experience the tools and resources available to current members on the LISA members-only website and see all that prospective members can look forward to as a full LISA member.

Insurance mogul Barry Kaye, who has told Florida Atlantic University he will not fulfill his $16 million pledge to the school, is now facing a federal lawsuit in relation to his once mega-profitable life settlement business.

The Financial Industry Regulatory Authority Inc. might issue guidance in coming weeks regarding fees firms can charge for life settlement transactions, a Finra executive said today in Boston at the agency’s annual meeting.

Yesterday, the Internal Revenue Service issued two Revenue Rulings that constitute the official position of the IRS on certain key tax issues in the life settlement arena. Uncertainty in this area had plagued taxpayers and tax practitioners for years. The guidance is therefore welcomed.

Life Partners Holdings, Inc. (NasdaqGS: LPHI) today announced that its Board of Directors has approved a 5-for-4 split of the company’s common stock which will be paid in the form of a stock dividend on February 16, 2009 to shareholders of record as of February 6, 2009.

(OTCBB:LFXG) the nation’s leading online business-to-business exchange for the life settlement industry, announced today its financial results for the fiscal year ended June 30, 2008 with revenue of $1,294,596 and a net income of $332,128 for the same 12 month period.

Revised NCOIL-based legislation will be brought up in next session

New York, one of just 10 states where life settlements are unregulated, is unlikely to see a law governing the business until January, when legislators reconvene for their next full session. In June, state lawmakers adjourned without passing legislation that closely followed a model act drafted by the Washington-based National Conference of Insurance Legislators. An earlier bill, proposed by the state’s insurance department and containing a controversial requirement that investors in life settlements register with the department, had been scrapped.

The Life Insurance Finance Association applauds the adopted amendments to The National Conference of Insurance Legislators (NCOIL) Life Settlements Model Act, which was adopted unanimously, reflecting the collaboration of all parties.

The Life Insurance Settlement Association (LISA) today renewed its objections to the recent amendments to the NAIC Viatical Settlement Model Act, after it was revealed that both the primary author of the model and its key supporter, the American Council of Life Insurance (ACLI), knew that the model act failed to address the problem of stranger originated life insurance (STOLI). LISA has repeatedly raised concerns about the highly unorthodox process and closed-door tactics which were used to develop and adopt the amendments and has held firm that the model does not stop what the NAIC has already identified as the improper manufacturing of life insurance.